The principal at Royal Oak High School has handed in his resignation and the school board has accepted it.
Michael Greening has been under investigation since late in 2011 for alleged embezzlement from the school's student activities fund.
Since December Greening has been on paid administrative leave.
Parents of students who learned of the resignation expressed disappointment.
"It's unfortunate for the children as far as stability because this is a good school," parent Craig Smith said.
Other parents offered sympathy for the outgoing principal.
"I think he's very vested in the community and truly cares about the kids so I'm just sad and disappointed that he had to do that," parent Kim Chatas said.
While Greening is now leaving his post at Royal Oak High School, the criminal investigation into the embezzlement allegations will continue.